. >> daiwa gives you leverage on japan, one of the largest asset companies on japan and a brokerage firm. as more activity goes into the japanese equities, they're a prime beneficiary. as asset values in japan rise, they'll also make money that way. plus, it's extremely well capitalized. one could argue they're a bit overcapitalized. they're very safe and well-positioned for a rising market. >> david, thank you very much for your time today. >> thank you for having me. >> let's get back to our guests, glenn and ralph. you heard this conversation, where the united states could be versus other countries around the globe. what do you think about what the overall broad market implications are at this point if we assume there's some sort of solution on the fiscal cliff? >> i think the number one longer term issue for this country and the fiscal cliff resolution is a big part of that, is strengthening our competitiveness in the global economy. there are a lot of elements to that. one is getting our fiscal house in order, we talked about. another is getting corporate tax reform, which lowers th